Reasons To Have A Property Conversion
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- 14-06-2023
This article looks at the top reasons to have a property conversion. Trimble Architects provide property conversion architectural services in Hounslow, Twickenham, Richmond, Kingston Upon Thames, Teddington and London. Find out more about converting commercial property into residential.
Reasons To Convert a Property
Household conversions are even more of a widely popular aspect of residential construction. They provide your establishment or home with a brand-new aesthetic appeal and plenty more practical space to utilise. As well as being inexpensive, there are many more reasons why one might convert a property.
Makes Better Use Of Space
Numerous homes across the UK have spaces that aren't utilised to their full potential. Properties with attics, lofts or basements are filled with things that could be thrown out to convert the rooms into extra living spaces. Multiple-storey homes may have a downstairs cloakroom that could be modified for those members of the home that aren't as mobile.
Many homeowners use their garages as dumping grounds for household clutter and garden utensils. However, if it is used for ordinarily used storage or your vehicles, you may wish to transform them into other useful spaces.
Keep Outdoor Space
Extensions are an excellent, attractive idea, yet they could cause you to lose a valuable amount of outdoor or garden space. Basement or loft conversions help you keep this space free, alongside freeing up space throughout your home for extra bedrooms, gyms, games rooms, offices, or studies.
Add Value
You'll only feel the benefits of your property conversion once you've moved out of the building. It is more of a long-term benefit that helps improve and extend the home's floor plan, making it more desirable to potential homebuyers.
Whether you're implementing a games room, office, gym, garage, or bedroom, you can achieve approximately 15% more value for your home. It can be a small conversion or an entire Change of Use project, any unused space that is converted is likely to attract more buyers.
Cheaper Than Building A New Extension
Depending on the scale of renovation you intend to perform on the original structure, often property conversions are far cheaper. They are sometimes cheaper than creating and building a brand-new extension, or moving home.
Conversions will help you avoid extensive labour costs and the expenses that come with formal planning. Loft conversions utilise existing fittings and walls, so they are cheaper than installing new additions to your space.
They are typically referred to as 'Permitted Development,' as long as the work doesn't exceed the building limitations. For example, roofing on terraced houses should not include more than 40m3 of space.
Detached and semi-detached houses it must not exceed 50m3. Ensure you adhere to these regulations. That way, you won't require extensive planning permission that costs more money and takes up plenty of your time.
Converting Commercial Property Into Residential
Prime Location
The majority of commercial properties are located in what is known as a 'Prime Location'. The prime location is regarded as the heart of the city; it is typically the centre of a town where locals are most likely to gather. You will find them near amenities, such as schools, hospitals, restaurants, shopping centres, etc., as this makes everything more accessible.
Perhaps you wish to convert an existing commercial building into residential property. Enabling tenants to move in and you can gain profit. In that instance, you'll want to offer higher rent prices compared to other properties in more rural areas.
Competitive Prices
Compared to residential properties, the market for commercial properties is much more severe and competitive across certain areas of the UK. They are typically priced at much lower costs compared to domestic homes, which is why they are so desperately sought after. Once these lower price buildings are offered in ideal locations for businesses, you have the opportunity to convert them into residential homes.
You can shoot up the property value before reselling it to potential buyers. We mustn't forget that the COVID-19 pandemic has had a dramatic impact on the state of the UK housing market. In the first month of 2021, the prices of residential homes and properties rose exponentially. So, if you're searching for ways to gain profit or income, the best solution is to convert a commercial building into a domestic one.
Blank Canvas
When converting your commercial building into a brand-new residential property, you get the opportunity to start afresh with all your home decoration, as opposed to a fixer-upper property.
Many commercial properties on the UK market don't have a layout that has been pre-designed, so you can easily modify it. If you wanted to knock down walls to curate a new floor plan, you can! With a property conversion, you'll have far more freedom to build without significant constraints.
Lower Taxes
The market value of a property is what determines domestic property's taxes. Typically, commercial properties' taxes are calculated using the overall value of the home and adding that to the tax rate. The amount you pay for your commercial or residential property will often depend on the area it is situated.
The reason for this is property taxes are calculated locally. You'll find that the tax rate is often higher for commercial buildings compared to domestic homes and properties. They are there to generate revenue and profit that is used to pay taxes.
On the other hand, it's essential to remember that many apartment buildings that are of a more large-scale complex are often regarded as commercial properties.
Such "residential" spaces can be offered out to businesses for rental use if they require a meeting or extra working space. If you're searching for ways to lower your taxes, we recommend selling your current property instead of renting it out. You'll be successful at curating a large income if you sell in a largely desired location.
Adding a loft conversion
There are multiple reasons why someone might invest in a brand-new loft conversion; it adds more useful space to your home, increases its value on the market, and enables you to improve your environment. Here are some of the key benefits of loft conversion:
No Major Structural Work
The budget is always a concern during any significant building project. However, you'll be happy to know that loft conversions and extensions rarely involve major structural work. Compared to brand-new builds, the costs are often quite minimal. They are more so associated with saving money, as your home or property moves up the housing ladder.
Adds Value
Many aspects of home improvement can significantly add to your property's selling value. You'll find that a home extension or loft conversion is considered the second most appealing factor after its overall location, helping to bump up the potential house prices.
The added value ensures it pays for itself. If you're happy with and dead-set on your current location, yet still want a way to add further accommodation, consider a loft or home extension. It is one of the most financially practical and attractive solutions that will make your building more valuable.
Unique Space
Your brand-new home extension or loft conversion can be designed and structured to appear however you like. There are numerous available architects and engineers that will help you custom-build your floor plans.
They work hard to ensure they fit all your unique specifications. You can also commission a home designed by an architect all the same. Yet, with help on your new build from a qualified architect, you can craft your dream home or space.
Minimal Disruptions
If you're concerned about the amount of disruption that your project may cause, worry not. A loft conversion or extension of any kind won't cause too much disruption, and it won't result in you having to move out during the 4-6 weeks.
Planning permission is rarely required, unless your requirements go beyond specific set regulations, therefore you can start your project as soon as possible.
You may need to alert your friends and neighbours to make them aware of any noise they may hear coming from building tools and equipment. Engineers and architects will do their best to take care of you and your household during this process.
Architects Near Me
If you are looking for property conversion architectural services throughout Hounslow, Twickenham and the greater London area, then get in contact with our team today. We can offer advice and begin guiding you towards making the right decision.
Bob Trimble is a chartered architect registered with RIBA. Bob Trimble has 30 years of experience working with residential and commercial property projects. For 4 years, Bob Trimble has worked from his housing association and private architectural practice for clients throughout Hounslow, Twickenham, Richmond, Kingston Upon Thames, Teddington and the surrounding areas of London.